Jadestone is the 100% owner and operator of the producing Montara Project, located in production licences AC/L7 and AC/L8 in the Timor Sea, approximately 630 kilometres offshore Western Australia, in a water depth of 77 meters. The Montara fields are situated in the prolific Vulcan Sub-basin.
Montara operations involve the production of oil using platform production wells for the Montara field and subsea wells for the Swift, Skua and Swallow fields. The oil from the subsea wells is piped via subsea flowlines to an unmanned wellhead platform and then to the Montara Venture owned floating production storage and offloading (FPSO) facility, which acts as a hub for the Montara fields, and potentially other stranded discoveries in the region.
Producing sandstone formations include the prolific Plover, Montara and Lower Vulcan reservoirs. All producing formations have high permeability (0.5 – 4 Darcy) and high porosity (18 – 24 per cent).
As at 31 December 2021, the Montara assets had gross 2P reserves of 20.9 mmbbls oil. Production from the Montara Project averaged 7,509 bbls/d during H1 2022.
In August 2022, Jadestone announced that production from the Montara Project would be temporarily shut-in to focus on inspection and repairs of the FPSO’s hull and tanks, following a minor leak of oil to sea from a cargo tank in June 2022 and an additional defect subsequently discovered.
Jadestone continues to see significant further value in the Montara Project, and has identified two potential further subsea wells on Skua capturing volumes further north along the crest of the field. In addition:
· During 2020, Jadestone acquired a 3D seismic survey over the AC/L7 and AC/L8 licences. The 3D acquisition will help improve reservoir imaging for future infill well opportunities and to assess prospects for future near-field low-risk exploration targets.
· Within the AC/L7 and AC/L8 licences and surrounding acreage, there are existing oil and gas discoveries which are not economic on a standalone basis. Currently, the Montara Project contains the only infrastructure in the area through which these discoveries could realistically be produced. Jadestone may, in the future, explore opportunities to monetise these assets which may be through acquisition, farm-in, divestment and/or third party tariff arrangements, as well as subject to pricing, technology and third-party activities.
The nearby Shell-operated Crux gas field, which is located approximately 30 km south of the Montara Project, is being developed as long-term backfill for the Prelude floating LNG facility located offshore Western Australia. The Crux field infrastructure could represent a viable export option for the significant undeveloped gas resource within the Montara licences.
Download the Montara Field Operations EP, OPEP and BIP currently under assessment with NOPSEMA
Questions or comments on the Montara Project?
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